Marvell Technology, Inc. Common Stock Citi’s 2026 Global TMT Conference

That quieted the room. Right.

Sure. Can you guys hear me? No. How about now? Yeah. Working? Okay. All right. Well, first of all, it is great to see everybody.

Enjoy your lunch. Atif, thanks for having me. I would be remiss if I did not reflect, first of all, that this was 10 years ago. My first conference as a CEO was here at Citi. I became CEO in July 2016, came into Citi. It was not the friendliest environment. He had a sell rating on us. I just have to give you shit one more time.

It is the 10-year anniversary. Why not? Marvell was in a very different place. I am bringing this up to your question, which is our pivot to the data center began in 2016. Basically, back then, we were a consumer company. 9% of our revenue in our fiscal 2017 was from data center, and most of that was just enterprise. It was really enterprise servers and storage.

That is the pivot we made, was to focus on the data center and data center technologies and data infrastructure technologies. That has been our guiding principle, actually, for the last decade. We went through, I think, great cycles in growth in enterprise, great cycles in carrier and 5G, and then we have had a very strong data center story for the last five or six years. Just to put it in perspective, in calendar 2023, we did about $2.2 billion in data center revenue, and next year we are looking at $15 billion-$16 billion, just to give you a sense. The business has really inflected. While ChatGPT and the rise of AI has been just an enormous driver and the driver of semi TAM, we were already positioned there because this was already our strategy going back from almost a decade ago.

I know now it is the place to be, and everybody has figured out who is in semis, that, wow, I better be in data center and I better be in AI. If you just figured that out over the last couple of years, it is going to take you a long time, is my view. This has been a company we built brick by brick, year by year, M&As, divestitures, huge organic investment. Now we are sitting here, I think with one of the best, my view is, positionings relative to the breadth of the products that we offer, the suite of solutions that we have, and then really what we think is a best-in-class financial model in growth rate for the next four or five years off of the back of a decade of investment already.

It is a great question.

We think we see the scale-up opportunity, which we view very much as a combination of the switching platforms coupled with best-in-class optics, both NPO and then fully integrated CPO, which we offer both of. That is going to be an integrated sale in my view, and it is sort of greenfield at the moment. Now the backdrop, and I think why we are well-positioned is we have spent the last five years building out our scale-out switching platform, which we call Teralynx, and we basically acquired a company, Innovium, five years ago. It had no revenue, but was projected to do about $150 million of revenue. We now said that that business is on track to do $1 billion plus, and over the next years, we will probably grow even faster. That fundamental Ethernet architecture we have lends itself very well to Ethernet scale-up networking, which is ESUN, which is the scale-up standard.

Even our existing product, our Teralynx T100 part, which I talked about at Computex. That product already is suitable and applicable to scale up as is. So we have got a whole suite of products coming on ESUN and a roadmap there. In addition, we see the market still not completely decided on a standard, so we have also got a robust investment as well in UALink. I think what is nice and common between the two is both leverage our high performance, best in class electrical SerDes technology for copper. Then we also are going to offer SKUs with the optics as well. So kind of a very full suite.